Quick Personal Loans

These quick personal loans are expensive options, taking as much as 10% of your income for getting the cash a few days early. Unless it is a dire emergency, avoid these quick personal loans.

Quick Personal Loans -- A Devil In Need

Sometimes, you need money fast. In an absolute emergency, quick personal loans may make sense, but only rarely. If you need to pay to get your car out to get to work, or bail someone out of jail, these loans MAY make sense... but only after you've tapped friends and family first. These quick loans are tempting, but the fees make it the equivalent of a 1000% (or higher) interest loan. Considering that people complain about 25% rates on credit cards, these loans are insane.

Are they ever an option?

Well, if you told me that if you didn't have $400 within two days, you would die, and nobody would loan you the money, then I would say yes, take out a payday loan and save your life. I wouldn't advise dying to avoid a $50 service fee. However, if you are in the habit of taking out these fast loans on a regular basis, then I would advice you to find another solution, fast, before you are bankrupt. Most users of these loans find that they can't pay them back on the payday, and the loans roll over. The quick personal loans mentioning a $50 fee suddenly become $100, $150, or $200 in fees. People that get in trouble find that they end up owing more in fees than they borrowed. That's what makes them so dangerous.

Oh that's scary, what else happens?

Unlike banks, that will negotiate with you if you get in trouble, the glorified loan sharks offering quick personal loans will just keep piling on the fees and putting you into collections. They expect to collect their fees each paycheck, causing you overdraft fees and other calamities while the loan never gets repaid. That $500 loan may not cost you $550, it may cost you $1000 or $1500, especially if you need to get a lawyer to make them stop. These loans can be very dangerous, and should only be considered as a last resort.

All material copyright © 2008 Payday Loans Exposed. All rights reserved.

About Us | Contact Us | Site Map | What's New | View as RSS